European Shares Inch Lower Ahead Of Fed Minutes

(RTTNews) - European stocks traded mostly lower on Wednesday, as oil prices retreated and companies such as Wienerberger, Carlsberg and Admiral posted disappointing earnings results.

There is some respite on the economic front as official data showed that the U.K. job market remained steady in the immediate aftermath of Brexit vote.

While the number of people claiming unemployment benefits unexpectedly fell by 8,600 in July from the previous month, the headline unemployment rate held steady at 4.9 percent, the lowest level in more than 10 years.

Another report from Markit Economics and financial information provider Ipsos Mori revealed that a gauge measuring British households' finance outlook rebounded in August after hitting a thirty-year low in July following the Brexit vote.

Investors look ahead to minutes of the Fed's July policy meeting, scheduled for release tonight, after hawkish comments from Federal Reserve officials helped revive the dollar.

The pan-European Stoxx Europe 600 index was down 0.4 percent in midday trading after losing 0.8 percent the previous day. The German DAX was losing 0.8 percent, France's CAC 40 index was down half a percent and the U.K.'s FTSE 100 was declining 0.2 percent.

Austria's Wienerberger fell 6.5 percent after warning of negative currency effects on its 2016 earnings.

Danish brewer Carlsberg lost almost 6 percent after its first-half profit missed analysts' estimates.

Admiral Group shares slumped 8 percent in London. The British car insurance provider said its solvency position had dropped 20 percent in the first half because of market volatility around Britain's vote to leave the European Union.

Mining and commodities giant Glencore dropped 2.5 percent. The Bloomberg reported that EMR Capital Advisors Pty, a natural resources private equity firm, is in late-stage talks to acquire its copper mine in Australia after other bidders dropped out of the process.

On the flip side, drug maker Indivior rallied 13 percent after announcing positive top-line results from a trial of a new drug to treat opioid.

Balfour Beatty shares jumped 7 percent. The British construction group has reinstated its dividend after posting a narrowed pretax loss for the first half of 2016.

ABN Amro advanced 4 percent. The Dutch bank has unveiled plans to expand internationally after reporting a better than expected second quarter operating profit.